February 4, 2018 / 11:51 AM / 2 years ago

China's Shanxi Fen Wine sells stake to China Resources affiliate for $819 mln

BEIJING, Feb 4 (Reuters) - China’s Shanxi Xinghuacun Fen Wine Factory Co Ltd said its controlling shareholder Fen Jiu Group has signed an agreement to sell a 11.45 percent stake to a subsidiary of top beer maker China Resources.

The stake sale is worth 5.16 billion yuan ($819.26 million), the state-owned company said in a statement to the Shanghai Stock Exchange on Sunday.

The agreement will see the equity transferred to CRE Yang Co Ltd, which is majority owned by China Resources Enterprise, the flagship subsidiary of China Resources (Holdings) Company.

China Resources Enterprise in turn owns China Resources Beer Holdings, producer of China’s top beer brand, Snow.

Shanxi Xinghuacun Fen Wine Factory Co Ltd is a major producer of the Chinese liquor baijiu.

The Fenjiu group will remain the largest shareholder, it said.

$1 = 6.2984 Chinese yuan renminbi Reporting by Dominique Patton; editing by Jason Neely

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